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the crisis over, yes, the fiscal cliff. and origin tina's rating is slashed over five notches. we'll speak to a bondholder who once represented the country's creditors. >> you're watching "worldwide exchange," bringing you business news from around the globe. >>> as we get into the trading session here in europe, you can see behind me decliners outpacing advancers by about a 4-1 ratio, with stocks shedding about a third of a percent. we'll get to more of that shortly. first take a look at the forces individually to get a sense of where we're seeing the selling pressure and it is pretty much consistent. there's the ibex 35 down .7 of a percent. the ftse down about a third of a percent. not many green spots to find. yesterday we saw that rally in peripheral debt. today we're actually seeing firmer prices across the board, so whether the u.s. down there or italy and spain here in the periphery, 4.7%, 6%, remarkable there, level for spain even today as the country's banks are being more fully examined in light of the national examination plans. the dollar/yen pulling back about half a percent
, welcome to "squawk on the street" i'm carl cramer is off today. some word the fiscal cliff negotiations are not getting off to a good start. moderate red arrows. european leaders failed to reach a bailout payment to greece and will try monday. road map starts on the busiest travel day of the year. there are signs it could be a big quarter for airline and travel, but traditional toys look weak. walmart may have protesters outside its doors on friday. >> deer misses earnings, and the market shrugs it off. >> turmoil in israel with a bomb explosion on board a bus today and a rumored cease-fire that never happened. crude is up $1 as the secretary of state has arrived in cairo. a big day full of planes, trains and automobiles with tens of millions of americans set to embark on their holiday weekend journeys. our phil lebeau is in chicago with more on the holiday travel landscape. how painful is it going to be? >> you know, carl f you're traveling, you always need a little more patience thanksgiving weekend. for the airlines, they're keeping their fingers crossed because if you look at a map
to u.s. leaders negotiating over the so- called fiscal cliff about the serious financial impact looming on the horizon. that's where we begin this morning. how confident are you about the state of the u.s. economy? what steps are you taking to prepare for the potential impact if the u.s. goes off the fiscal cliff? give us a call this morning. you can also catch up with us on all your favorite social media sites, twitter or facebook. or e-mail us. thismorning to you on wednesday, november 21. we are talking about federal reserve chairman ben bernanke's comments yesterday about the fiscal cliff, and getting your thoughts on bthe u.s. economy. and this headline -- also, in the financial times -- to tell little bit more about ben bernanke's , and sister day we turn to david clarke of "politico," their financial services editor. thanks for joining us. guest: thanks for having me. host: what is making the most waves from his speech? guest: in the past he has warned that congress and the president's path to take care of the fiscal cliff. yesterday he said it is not simply doing it but how they
a forecast for cyber monday sales. we of course continue to watch the fiscal cliff count down. lawmakers have been trying to convince the naub they are willing to compromise. they return to capitol hill today. >> everything should be on the table. >> bring entitlement reform into the conversation. >> a group of corporate executives are calling on congress to rise above partisan politics to try to find some sort of a solution. we have a lot to talk about with gleg brown and we'll start that in just a moment, but first over to andrew. >>> finance ministers are trying to unfreeze the second bailout package for greece, but first they must agree on how to cut massive debt to a more sustainable level. we'll head to london for details on that. and playing down a deal talk, tom joyce saying his country's currently if talks with at least two firms on a possible sale of its largest business unit. but would only pursue a deal if it created value to shareholders and clients. and mexico's anti-corruption body says it has found no irregularities in its probe of permits given to walmart. two audits still un
away from the fiscal cliff. we have fox team coverage. chief washington correspondent james rosen is at the white house to tell us about the president's return to the campaign trail sort of. but we begin with the chief congressional correspondent mike emanuel and another reason that the talk reconciliation so important. good evening, mike. >> good evening. there are strong suggestions that the nation's debt problem may be worse than $16 trillion and counting and key lawmakers are saying it's time to slash spending. >> i can cut $600 billion more out of the federal government tomorrow. nobody would know a difference except for the people employed by the programs here in washington, d.c. >> when asked by fox what he would be willing to cut, the senate majority leader didn't offer anything new. >> remember, we have already done more than $1 billion worth of cuts. we have done that. so we need to get some credit for that. and the negotiations that take place. >> 42 business organizations sent this letter to top lawmakers urging congress not to increase taxes writing, "we strongly urge
of the main drivers behind recent stock moves is the uncertainty about the fiscal cliff. but buckle up, our next two guests say the action could soon get even more interesting. and later today, thousands are going to gather in manhattan's rockefeller center for the lighting of the christmas tree, making any visit to manhattan from here on out basically impossible at night. the annual spectacle has become a world famous symbol of the holidays. i went last night and it was okay. >> i went two nights ago. >> from now on -- >> i couldn't believe two nights ago, there was no traffic. >> it's over now. over. >> this year's tree came from flanders after surviving the strong winds of hurricane sandy. twins. i didn't see them coming. i have obligations. cute obligations, but obligations. i need to rethink the core of my portfolio. what i really need is sleep. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investm
about good feelings. good feelings over possible deal to avert the fiscal cliff. republicans seem to be breaking ranks with the hardliners. talk about maybe raising revenues if the democrats will be willing to do meaningful entitlement reform. that positive tone, the rising above, helped move up the futures right into the bell. who wanted to be short ahead of a weekend deal? what a difference a day makes. this morning we come in, what are they chattering about? greece. greece. can you believe greece? it's standing in the way of a european deal again. this small country with no grip on its finances has europe hostage all over again. without a deal, every major bourse in europe came down last night. we didn't get a sunday night easing from china. worried that the recent positive data can't be maintained without more interest rate cuts. you know what, we've been conditioned to believe that weaker economic data means more stimulus, which leads to higher stock prices here. what happens if the news isn't so good that china becomes a big importer of our goods again but isn't so bad the c
that could exist between europe and the u.s.? it seems like the u.s. has to deal with the fiscal cliff and there is not much room for mutual influence. if you don't have your house in order, you cannot speak to our problems. this does not covered in our media very much. >> thank you. let's go to illinois. we have the votes from the judges. >> can you guys hear me? what can parliament do to encourage [indiscernible] >> thank you. we will go right to the answers. >> you the unemployment, i spent a long time in entering what could we do to regain trust and growth. i made a proposal, and i repeat it. the european union, together with the states in which the youth unemployment is so crop -- so great, we should support those enterprises who employ young people with direct support financially for the enterprise, or with privilege and taxes. those are the two possibilities, but we should do it. the fight against unemployment, in my eyes, is the highest priority for the european union, or must be the highest priority for the european union. the international labor organization spoke about the l
calling the fiscal cliff. and yet the consumers we have been talking about are not acting very worried. trying to capitalize on the strong holiday shopping season, the president warned that the economy will spiral downward if it is not addressed. >> i think it is a reason that retailers are so concerned. that congress has not yet extended the middle class tax cuts. >> reporter: the report also estimates that consumer spending could drop by $200 billion by 2013. 31st, there will be a massive fiscal cliff, of large spending cuts and tax increases. >> reporter: the federal reserve chairman coined that term last spring, restoration of 2% in payroll taxes, expiration of unemployment benefits and $110 billion in automatic cuts, to programs like defense. the political sticking points? tax rates, most democrats want tax rates for those making $250,000 a year to go up. republicans want it to stay the same, but would limit the deductions and close loopholes. there is a disagreement on who should be considered wealthy warren buffet argues that the timeline for the rich should be raised from $250
's how congress rolls. and now with just 36 days remaining to avoid the so-called fiscal cliff, senators are coming back to work. the house returns tomorrow. the white house is working both sides of the beltway to maintain bush-era tax rates for the poor and middle class, while letting those lower rates expire for higher earners. this morning, the white house put out numbers claiming if we fall off the cliff, consumers will be spending less money next year. how much less, exactly? $200 billion in fiscal 2013 alone. that would be a huge, huge hit on retailers. now, tax hikes are the biggest part, but not the only part of the fiscal cliff. seeing it as a fiscal cliff, the new year will also bring more than $100 billion in spending cuts, if -- if congress and the president can't agree on some other course. all of this brings me to my friend, cnn's christine romans with details on the toll on consumer spending. we threw out the number, $200 billion. what does that mean? >> it comes straight from the white house, trying to ride the coat tails of black friday weekend when throwing around how m
this morning. congress is back in session, and just in time, we are now 35 days away from the fiscal cliff. >> a big day in the middle east. today both israel and gaza meet to further the cease-fire between the two embattled nations. we're going to have a live report coming up for you. >> gray thursday, black friday, and now cyber monday. but just how good are the deals today, compared to what was put out this past holiday weekend? we're going to break it all down for you. >> did you do any shopping? >> absolutely not. there's too much football. >> don't you love it? >> good morning. welcome to "early start," i'm john berman. >> and i'm zoraida sambolin. 5:00 a.m. in the east. so let's get started. they are back. our lame duck congress returning to capitol hill today. the senate in session this afternoon. the house back tomorrow. and with 35 days left, as john just reminded us, before we plunge down the fiscal cliff, two prominent republican senators, lindsey graham and saxby chambliss are signaling they are willing to give a break the no tax pledge. that is a hopeful sign, folks, because
a single share of stock even if he was guaranteed the u.s. goes off the fiscal cliff. just wait until you hear who he thinks should be the treasury secretary. >> we'll begin of course with the deal of the day. conagra foods has agreed to acquire ralcorp for $5 billion. $90 a share in cash. 28% premium to the closing price on monday. kayla tausche reported on potential for a deal between the two companies back in 2011. it creates the largest private label food company in north america. this is a big deal. >> yes, it is. it's big in size in terms of what we've seen in this market. look how excited he is. and they finally got it done. it's been one as you pointed out that was around in 2011. they couldn't get it done. that is conagra. they walked away. ralcorp stock price fell dramatically. they split the post cereal division from ralcorp. the two trade separately. so you did have a company here that perhaps became a little more -- i wouldn't say vulnerable. not as if they were committed to selling. the board composition changed. you have had activist shareholder get on there. that was very
is pulled back. dagen: thank you. if congress is unable to prevent the fiscal cliff, our lawmakers could send the entire world economy into a recession. steve moore is here, senior economics writer at the "wall street journal." he joins us now from washington, d.c. will they prevent it, steve? >> the good news is, no one should ever listen to what they say. but, you know, these go sheesh and keep rolling on. my sources on capitol hill say that there is still a lot of gridlock there. the main thing, in my opinion, can they reach a deal on these taxes that does not require all of the requirements of business to go up? dagen: do think that happened, because again, there are so many taxes that we need to worry about, the lawmakers never fixed it for 2012. if they do not fix that, it will hit 33 million americans. the payroll tax cut. will that go away, because, again, it was temporary ones, temporary twice and it will still be a higher tax. >> im so glad you brought up the amt. nobody has really been focusing on this. that would be bigger than even extending the bush tax cuts. you are talkin
is that we get a fix for the fiscal cliff maybe early january, maybe we go over the cliff for a couple days. and i think the political pressure then to fix it would be intense because of the amt shock. normally 4.5 million pay pay alternative minimum taxes. if we didn't fix this on the 2012 income, what's due in 2013 will be additional taxes of several thousand dollars by an extra 28 million households. 33 million instead of 4.5 million on 2012 taxes. if you're going to file your tax return in january and you expect a refind, if you're in the 75,000 to 300,000 income bracket, forget about it if they don't fix that amt. so i think senators will get calls from a good portion of 28 billion households saying what are you doing raising my taxes. i never withheld. are you going to penalize me because you didn't fix what you fix every year? i think that amt shock is going to drive -- if we go over the fiscal cliff, it will drive a very, very fast fix. but then we'll just have a small bargain later this year. there's not going to be a grand war bargain. >> that could be the worst case scenario is j
in congress in the next month and a half. everybody wants to talk about the fiscal cliff, some talk about austerity, bomb, others talk about what needs to be done to lift the debt limit. and all of these issues are before us. tax increases are not. but underlying all of that, foundational to all of that, is putting america back to work. getting americans back into their jobs. if we do that we will clearly increase employment and when you increase employment you always increase tax revenue to the federal government, to state governments and local governments. so our principle task as i see it and i think i'm joined by many of my colleagues, both democratic and republican, is to get the american economy going. to put it back in gear. and there are many reasons beyond just employment and the opportunities that family have -- families have to make it. one of the critical elements in all of this is to protect americans. we recently saw superstorm san joaquin smash into -- sandy smash into new jersey and new york with devastating results. loss of life, incredible loss of property, both public a
the fiscal cliff, that once again put pressure on the markets. that's when things turned down yesterday. you'll see in europe, barely budging at this point. in france, the cac is up by about a point. the ftse is down by less than five points. in germany, the dax is up by less than three points. overnight in asia, you'll see that in japan, the nikkei was up by about .8 of a percent. the shanghai composite up by about 1%. the hang seng was up by 1.4%. oil prices also up slightly, up about 72 cents. not near the higher levels that we had seen because of the concerns in the middle east. 84.7 is where wti stands. the ten-year note is yielding 1.661%. we do have those numbers coming out. the dollar sup across the board. euro is at 1.28. gold prices this morning are indicated up just barely up by about $2.60. >>> let's go across the pond. ross westgate is standing by for us in london. ross, good morning to you. >> good morning, andrew. good to see you ahead of thanksgiving. becky called it. we're pretty flat here in europe. the dow jones being outpaced a little bit more. as you say, the focus very
house speaker john boehner and harry reid this weekend for avoid efforts on fiscal cliff. on wednesday president obama will seek more input from top ceos, including gold man's lloyd blankfein and caterpillar's doug owner hill man. a number will travel to washington to try to reach a deficit cutting deal as part of the fix the debt campaign. so all things fiscal cliff still pre-dominate. we have a time clock that's quickly running out. how important is it that we get an agreement before the end of the year? >> this is like the debt ceiling argument. people got into a panic. that's something we even imposed on ourselves to decide that the debt shouldn't go too high. so it's not a bad thing. same with the fiscal cliff. what are we saying with the fiscal cliff? we're saying the economy might be revealed to be what it's actually doing because we'll take away the artificial supports because we think it's held any enough now to maybe after itself. that might entail a step drop because at the moment we're giving these tax breaks, but we're doing it out of our saving. >> but the point isn't jus
busy over the weekend. talking about the fiscal cliff. everyone comes back to work . wonder if they will get to work and cut the deals. republicans made it clear they are willing to budge when it comes to the 20 year pledge not to raise taxes that glover norquist had everyone sign before they took office. >> steve: grover norquist has hundreds of republicans to do that. clearly with the fiscal cliff comment and automatic spending cuts and taxes go up on everybody. something has to be done. the feeling is that it will happen two now. republicans have beenadament and said we can't raise taxes on anybody. and glover norquist said as long as you don't raise tax rates that is okay. and lindsay graham on that. >> i agree we shouldn't raise rates but i think grover is wrong to cap and buy down debt. what do you do with the money and i will violate the pledge for the good of the country only if the democrats do entitlement reform. >> gretchen: i think the pledge thing is good and bad. if you are a republican and believe that raising taxes is the wrong they think that and fine. but h
and if they don't like hit the brickings. >> do you think it is for the economy over all. we are in a fiscal cliff and rough waters here and now this to deal with? >> i think it could be bad for the economy. they have the merchandise and this is not going to affect thanksgiving shopping season and christmas most likely. but look at history. 1948 we had five million workers on strike and it crippled the economy. the taft hartley act brought back the boom. that is it breaking of the unions and created the boom that eisenhower had. if these union heads go forward. this could hurt the economy. >> tracey, you made the point about the retailers, it could hurt the consumer spending as well the economy needs that right now. and economist looking to the holiday shopping season to get big numbers out. >> cheril, i am a last minute shopper and i disagree that they have everything in for the season. stuff comes in down to the wire in so many small businesses if you don't have what i am looking for when i generally get out there, i am not buying it that hurts the over all economy. and look. at the unions what
and they are ready to tackle the fiscal cliff crisis. lawmakers are ready tro compromise. >> lawmakers are ready to give in on tax changes in order to get some sort of a deal done. kelly wright joins us with more on what it means for the negotiation. we could be looking at possible tax hikes, isn't that right? >>> oo the government is on automatic pilot. that is five weeks away. for congress there is much work to be done and more compromise to be made in order to avoid the fiscal cliff. it will require give and take negotiations particularly on raising taxes but republican law americas who pledged to not vote for anything with a tax increase now appear ready to relinquish that pledge in order to avoid the looming fiscal crisis. >> when you are $16 trillion in debt the only pledge we should be making to each other is to avoid the grief and republicans should put revenue on the table. >> so everything is on the table and campaign raising taxes on the wealthy is relying on treasury secretary tim geithner. his team will works on issues like medicare even social security. they hoping to avoid a repea
the 23 year olds, look, are you going to stop spending or cut back because of the fiscal cliff. i'm out there enough already. i can't even go to that level of being out there. >> you can't? >> no, i can't. i can't. i'm a fixture at every mall in the country. this mall of america there was a guy. mike didn't work initially. you handled that so well. the mike didn't work initially for mall of america. >> i threw to him on friday. while you're shopping you still managed to watch us. amazing. >> and miss you? it was just like you didn't skip a beat. like you had actually been to a mall. >> you knew i had never been to a mall. >> i know you have been to a mall. >> what mall? >> time warner center is that a mall? >> that counts as a mall. >> i've been in there. there's a j. crew there. >> yes. yes, there is. i think whole foods also had a big week. >> i do shopping for the night before i head home. >> it's antidotal. it's antidotal. it was supposed to be bad. it wasn't bad. that's my take away. i don't want to deviate from that. i saw an upgrade today. restoration. all of these companies have
. >> thank you for havg me. >> one stock that keeps on climbing even if we fall off the fiscal cliff >> it is it time for what i need to know for next week. . >> we talk about al gore and the carbon tax no one is buying into it not evenlet cia. we'll see if it is taxpayer money . >> they have other issues on their books wayne rockerirings. >> you are looking for a steady stock. check out protective lights. i own it. >> like it and john what you got. >> grouchy marx. the death of apple is overexagerated. they have a great holiday season. >> they have sold a lot of stuff. >> john than what do you have this week. >> the utilities like the southern and excel are so week. it is it a fun that goes up when utilities go down. it is it looking at strooks like this to go up. >> johnathon how do you feel about the rest of the year. you feel good or not. >> it is governed in washington right now. they are - trying to look long term and have a gernment
-called fiscal cliff. >>> one of the most recognizable voices in hollywood lends his voice to a pro-same-sex marriage ad. >> freedom, justice and human dignity have always guided our journey toward a more perfect union. now across our country, we are standing together for the right of gay and lesbian americans. >> morgan freeman pointing out why he's behind what voters in three states did on election day. >>> and your $2 could be worth 425 million bucks. power ball reaching a new record. let's dream the dream together, shall we? shall we? "newsroom" starts now. -- captions by vitac -- www.vitac.com >>> good morning to you. thank you so much for being with me on this monday morning. i'm carol costello. we begin with the so-called fiscal cliff. 36 days from the crisis. new signs of just how concerned lawmakers really are. more republican lawmakers now say they will work toward a compromise, even if they have to break a promise not to raise taxes. that promise, that pledge, the brain child of anti-tax activist grover norquist, a long-time power broker in the gop. but the vote faced its
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on the so-called fiscal cliff. some republican lawmakers are talking compromise as they try to reach a deal to avoid the tax increases and spending cuts due to kick in early next year. susan mcginness is in washington with all details this morning. good morning to you. >> talks are starting on capitol hill this week amid new signs republicans are willing to take a new look at an anti-tax pledge they made. president obama and congress begin negotiations this week to avoid the coming fiscal cliff. about $600 billion in automatic tax hikes and spending cuts that will kick in at year-end. both sides say they're looking for ways to compromise. >> that's what representative government should be about. no one gets all they want. if reagan and o'neill could do it, boehner and obama should be able to do it. >> reporter: but republicans have consistently voted against any deal that raises tax revenue. >> the key here is whether or not the republicans will move away from the ideologically rigid position which has been the grover/norquist pledge which most of them signed that they will not go for addit
. >> the fiscal cliff sparks talks of compromise on capitol hill. >> without a deal spending consults and tax increases will kick in at year's end likely sending the country into another recession. >>> several republicans back away from a tax increase. >> if congress does nothing, which congress has gotten pretty good at doing these days we'll go over the fiscal cliff. >> we have to show the world we're adults. the election's over. president obama won. >>> it's a big weekend for shopping. it isn't over yet. today is cyber monday. the biggest day for online sales. >> shoppers are expected to spend $1 billion 1/2 today. >> and some like to shop in bunny slippers. >> and fret mohammed morsi granting himself extra powers. >> sending the country's stock market into free fall. >> buy a ticket for this wednesday's powerball lottery, you could win in the megaball. >> bradshaw with the touchdown. >> giants tommenate. >> officially a time-out. >> cheerleaders shave their head to support the coach diagnosed with leukemia. >> and all that matters -- >> suddenly changes into
of the year. that's to avoid a fiscal cliff which may result in a significant reduction in defense spending. the fiscal cliff is a term used to illustrate drastic fiscal tightening if congress fails to reach an agreement by year's end. such a situation is feared to trigger a plunge in the economy. panetta warned that defense spending will be subject to drastic cuts if lawmakers failed to reach a consensus. >> the worst thing that could happen from my perspective is that they just kick the can down the road. all that would wind up doing is continuing to present a shadow over the defense department and for that matter, the rest of government. >> the defense department is already planning to reduce its budget by about $500 billion over the coming ten years. panetta has voiced concern that further cuts could undermine barack obama's new defense strategy that lays more emphasis on the asia pacific region. >>> japanese officials are scratching their heads about how to deal with sluggish trade. sales to foreign countries have plunged leaving japan in a trade deficit for the fourth straight month.
weekend. >>> 38 days now before the fiscal cliff. lawmakers return to work monday trying to cut a deal. if congress and president obama fail to reach an agreement massive tax cuts and spending cuts automatically kick in january 1. anti-tax crusader slamming chambliss. he broke with norquist no tax break pledge. he cares more about his country than the pledge. >>> there were signs truce between israel and hamas is taking hold this weekend. palestinian sources say israel has eased restriction on gaza fishermen allowing them to go up to six miles from shore. the fishermen were restricted to three miles into the mediterranean. palestinian farmers resumed tending land. hamas official say egyptian and israeli officials are expected to meet monday to discuss details of that cease-fire. >>> to egypt now where what's happening makes well, the arab spring look like it never ended. we remember the crowds of demonstrators, protesters, a regime bent on consolidating and preserving its power. that was then. this is the scene right now. demonstrators are back spending the night in tahrir square. pres
shoppers say they will be cautious concerned about the economy and the gridlock of the fiscal cliff. >> they will pull back. they don't know what to expect for 2013. they want to remain cautious as we move into the next year. >> reporter: to that point, two-thirds of shoppers say they will use cash or debit cards. we're seeing consumers do a lot more research online and smartphones. kate. >> retail analysts predicting another first this year. for the first time ever online shopping could exceed 10% of all holiday spending. the folks who track these things tell us that amazon was the most visited retail site of all over the holiday weekend, but what happens after your click your mouse and make a purchase. we got an inside look at one of amazon's largest hubs in the u.s. >> reporter: from the moment you check out at amazon.com the process begins. your item is picked, sorted, packed and shipped. this is what the holidays look like here at amazon. to give you some perspective this is one of 40 across the country packed with thousands of items in time for the holiday rush. they're going
-called fiscal cliff. president obama expressing optimism they can come up with a deal to prevent automatic spending cuts and expiring tax breaks just into fox, the white house spokesman, jake carney, reports president obama spoke with the house speaker boehner and the senate majority leader harry reid over the weekend. still, concerns of the crisis and the european debt crisis sent stocks down but not precipitously but down. we are seeing signs of progress in washington, dc, with rare bipartisan consensus on raising taxes on the wealthy but they remain at odds over the specifics. in other words, exactly highway do you do it. and mike emanuel is live on capitol hill. the white house is expressing putting pressure on congress. >>reporter: a report on the impact if the bush tax cuts are not extended. the study says the typical middle class family will see taxes go up by $2,200 next year affecting businesses and retailers. the argument is the families will spend less and it will hurt the economy. >> you can see it across housing, and services, and things like paying for cell phone, groceries,
it with me, 35 days to avoid the dreaded fiscal cliff, the huge package of tax hikes and spending cuts set to take effect january 1 if congress and the president do not cut a deal. we're told they have been talking behind the scenes and president obama has already hosted congressional leaders for a post election sit-down. but the president is also launching a new pr effort, a campaign, some are calling it here, starting with the white house meeting today, of small business owners. then tomorrow, the president hosts more business owners and a group of middle class americans who would be hurt if the tax hikes take effect the first of the year. then friday, a campaign style stop in pennsylvania, a toy factory of all places, highlighting the importance of middle class consumers in this holiday season. but back in washington, senate leaders, they are speaking out. you have democrat harry reid saying the president won the election. and it is time for republicans to fall in line. meantime, republican mitch mcconnell not impressed with the president's plans to go back on the road. take a listen. >
jing off the fiscal cliff. let's bring in george stephanopoulos. >> congress has gone home to the districts, any optimism that cooler heads will prevail and we'll see movement toward a deal quickly? >> there are only five weeks left. everything has to happen before december 31st. the president has had his first meetings with the top congressional leaders. there's a fair amount of optimism that something will get done before the end of the year. maybe a down payment on deficit reduction combined with a commitment to hit the big numbers. >> in addition to the fiscal cliff, some big vacancies coming up in the president's cabinet the state department, the treasury, even the cia, the general petraeus scandal, three vacancies now. >> and there's likely to be more shuffling in the president's cabinet. the president has signaled is favorite likely to be u.n. ambassador susan rice for secretary of state, she's faced a lot of opposition in house this week, republicans signed a letter not to appoint susan rice. the president hasn't made a final decision yet. if he went for it, despite
around the fiscal cliff driving equity markets lower, we're at serious risk of good news breaking out on the economy running in to the holiday season. so we have the better housing numbers, up 3.6%. then we had a stronger consumer confidence number and we're seeing the best consumer confidence since, what, february 2008. let's put it in context. we're just in 73 territory on the digits. 90 would be where the economy would be if everybody was happy with their lot. and we're still some way away from that 90 figure. but apparently things improving on the fact employment is picking up. so it would appear that things are getting brighter for the u.s. economy, but, boy, we still need to bang some heads together on this fiscal cliff because until we're going somewhere on on that, these markets are treading water right now. back to you. >> all right, geoff cutmore live in london. thanks. >> what would you do with 500 pll million? >> i would say that's gambling and that when we cover the story, we ought to talk about the draw backs on people being taken advantage of and never get any money. >>
the next few weeks with this looming fiscal cliff. rick: i want to talk to you more about the negotiations over the fiscal cliff in a second, but as far as the consumer confidence part of it goes -- >> yeah. rick: -- where do you think that's coming from? is it just because the election's over in people naturally sort of start or to feel a little more confident no matter who wins? >> yeah, that's exactly right. people kind of happy all the negative advertising, i live in virginia, we were just deluged with negative ads against obama and romney and all the candidates for month after month, and now you're getting a little sense of relief that we're back to normalcy. rick: you know, okay. so the role that consumer confidence can play, because i remember talking to you, gee, must have been like 2009, and the president had just taken office, and the economy was really on a downward slide. >> right. rick: and consumer confidence was low, and a lot of people like you said that that was contributing to the slide, the fact that people had such anxiety about the economy. so conversely, if people are
with president obama about keeping the country from plunging off the fiscal cliff into economic disaster. >> so let's bring in the host of abc's "this week" george stephanopoulos. good morning, sir. congress has gone home to the districts. is there any optimism that cooler heads will prevail and we'll see movement toward a deal quickly? >> there actually is. there are only five weeks left. everything has to happen before december 31st or everybody's taxes go up, and the spending cuts kick in. but the president has had his first meeting with the top congressional leaders. there's a fair amount of optimism that something will get done before the end of the year. not necessarily the whole big deal but maybe a down payment on deficit reduction combined with a commitment to hit the big numbers before the end of next year. >> in addition to the fiscal cliff, there's some big vak kis coming up in the president's cabinet, as well. we have the state department, we have treasury. those two we expected, even the cia now, the general petraeus scandal, three vacancies. >> three big ones at least and there's
in the s and p posted losses. was it greco's. >> in the fiscal cliff is inching closer and closer by the day tax increases and deep spending cuts take effect in five weeks. if lawmakers cannot reach a deal. with little progress being made in washington president obama is hitting the road. at paine has the story. >> the mood was optimistic earlier this month when president obama met with congressional leaders to work out an agreement to avoid this cliff. now the president is taking his case mr. obama met with small-business owners tuesday. today he hosted an event with middle-class americans and sits down with some of the nation's top ceos. friday he travels to a manufacturing plant in pennsylvania senate minority leader mitch mcconnell question the president. >> president saddam the law makers and working out with the agreement is back on the cam best-president obama >> the president got input outside the beltway. he wants to continue the conversation when business leaders, small business leaders, civic leaders, and labor leaders because everyone has a stake in this. >> lawmakers
journal," matt lewis looks up the future of the republican party. congress debates the so-called fiscal cliff, and the wall street journal correspondent discusses the options concerning a shortfall in the administration budget. british prime minister david cameron and ed miliband who agreed international pressure must be put on israel and hamas to end the violence in the region and work to a two-state solution. the remark came during a session of the house of commons. also discussion of recent elections for local police commissioners. this constituency and elsewhere. >> questions for the prime minister first from hunt. >> thank you, mr. speaker. before listing my engagements the house will wish to join me in sending our sympathies and condolences to the family of captain walter berry of first battalion at the royal richmond of scotland. he was described as a fantastic, engaging and professional soldier. he will be truly missed byll who knew him. our nation must never forget his service and sacrifice. this morning i had meetings with many and in addition to my duties in the house, first
to reserve is the fiscal cliff. it's a big change for those who swore an oath they would never raise taxes. david curly tells us why they are working on the change. >> with some of the holiday shopping done, president obama may be getting a gift from some republicans. republicans who signed a pledge never to raise taxes. this morning, a leading senator. >> i will violate the pledge, long story short, only if democrats will do entitlement reform. >> he says he won't necessarily abide by the pledge. support from a local house member, too? >> i agree with him. a pledge you signed 20 years ago is for that congress. the world has changed. the economic situation is different. >> they are talking about this man's pledge. americans for tax reform grover norquist who has gotten hundreds to sign. >> do you feel like you and your pledge is under assault? >> no. what the pledge allows elected officials to make it clear to the voters where they stand. are at the they going to be able to raise taxes or continue more of the tame saim. >> he will help fund republican challenges against any member of congr
the debt debate, the fiscal cliff,, capital gains taxes. there's no compelling reason re buy here over the next two to three months. let some of this pass, use your assets in her places, raise cash, and then you're in a better positn to earn money once 2013 starts. melissa: the thing your ideas have in common is an idea of hunkering down, and sort of of having this investment over a long period of time. why wuldn't you hunker down within the target? give president obama credit thah whether it's because of the fed and easy money or whatever it's been, the stock market has donee well. would you buy some favorite stocks and plan on holding theme through the entire next four years? >> you know, i've always been an advocate of buying stocks that pay gh dividends, but taxes going from 15% up to 40%. that takes a huge wind out of te the sails for that argument so, you know, the timing is everything. timing was good to buy stocks at the beginning of obama, and now, not so much. housing is a great place to be because it's cheap. melissa: i have to say i felt better after hearing spencer's ideas
just can't. >> that also has consequences.ee as everyone knows with the looming so-called fiscal cliff discussion, if you cut too muchu you also drive the economy into an abyss so, you know, we'd all like to say we cut spending and live within our means, but it's not as simple as that.ple you can also cut spending too much so that you actually hurtrt the economy you're supposed to help. melissa: so, i agree with whath you are saying, and this is too civil. i got to derail it somehow or else it's no fun; right?in what's the point in doing it. >> bring it on, melissa, bring it on. do melissa: there's many times in the past where we've loweredn mortgagal rates and increased revenue.es if i were to conceive it's a revenue problem, it -- which i'm not going to, but for the sake of argument, under for kennedy, reduced the top rate from 90% to 70%, in and in that time, revenue into the treasury went up from $94 billion to $15n billion by lowering the marginal rate. right there, there's your guy. look at him. >> you know, we can look at that, but, remember, that was i the 1960s #. the problems
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lawmakers are in the middle of a battle over the so-called fiscal cliff. so will republicans break a pledge over raising taxes? a decade's long pledge? >> now you see a little wiggle room. everyone, came out strong. now getting done to nitty-gritty of compromise here. perhaps backtracking here. get something done. look for language difference between tax rates and tax revenue as the debate moves forward there. >>> also this morning, the promises made to students by private for-profit colleges. did recruiters know and bend the truth about the job market to lure students to sign up for classes? a lot of reporting in recent years about what is going on with for-profit colleges. some of it kind of scary. we'll delve into that. >> we'll hear more in the next half hour. >>> later, the legendary rolling stones begin their concert tour, celebrating 50-year search for rock 'n' roll satisfaction. the first of five concerts. >> i could watch mick jagger dance all day. i think that's poetry in motion when mick gets on the stage and he's prancing around there. you can't beat that. that's americana at it
lawmakers now say they'd be willing to break a no tax pledge to avoid the fiscal cliff. georgia senator saxby chambliss was among those on the sunday talk shows who said he'd be willing to reconsider raising taxes if democrats will cut spending. >> i will violate the pledge, long story short, for the good of the country only if the democrats agree to reform. >> the pledge signed 18 years ago is for that congress. the world has changed and the economic situation is different. >> now, congressional staffers met over the holiday weekend. and leaders intend to meet with the president this week. there are predictions it could be wrapped up before christmas. >> i like that optimism. >>> well, president obama is expected to announce this week a major reshuffling of his cabinet. u.n. ambassador susan rice will likely be the president's nominee to replace hillary clinton as secretary of state. on top of that, massachusetts senator john kerry is said to be the leading candidate to replace leon panetta at secretary of defense. >>> and we're also expected to learn this week whether the supreme cour
to avoid the fiscal cliff. 67% say a deal should be a combination of spending cuts and tax increases. and if no deal is reached by the end of the year, it's clear who will take the majority of the blame, 45% will say it's the republicans' fault in congress compared to 34% for the president. when it comes to the public's expectations of their elected leaders in washington, two-thirds predict they're going to act like spoiled children. >> oh. >> as opposed to responsible adults. >>> meanwhile, grover norquist is offering a reminder to republicans in congress who are thinking about breaking their anti-tax pledge in order to reach a deal. >> we could ask president bush, george herbert walker bush, how his second term went after he broke his pledge. did he damage the pledge, or did by breaking his pledge, he lost a second term for the presidency because he had not kept his word with the american people? >> at some point they need to let him go. >>> new york governor andrew cuomo is making his case for federal aid in the aftermath of hurricane sandy. governor cuomo said the storm could cos
challenges ahead for the president and the white house. the fiscal cliff is coming fast. no viszable progress on that yet. and some surprising names are surfacing for the cabinet, including mark zuckerberg's number two at facebook. >> lots of names, projections out there. >>> we also have a big warning for parents this morning. from a brand-new report. on average, 30 children a day head to the e.r. for concussions, broken bones from those bouncy houses. look at that. what you need know. those are disturbing pictures. >>> also on the show, superstar alicia keys with us live for a very special concert right here in times square. we are so happy to have her back. >> big album coming out tomorrow. >>> let's get right to the charged up start to holiday shopping. online shopping is already up 20% on thanksgiving day and black friday. what will cyber monday bring? john schriffen joins us from toys "r" us in times square. >> reporter: good morning, george. many retailers save some items to entice shoppers to go online. that is for people who have a holiday spending budget left. we saw record numbers
with one big issue staring them in the face. how to avoid going over the so-called fiscal cliff? if they do not reach a deal your taxes could rise and sharp spending cuts would go into effect as well possibly triggering a recession. chuck todd is nbc's political director and chief white house correspondent. chuck, good morning to you. >> good morning, savannah. >> the goal here is to get a deal that reduces the deficit, and the battle lines have been pretty clear right now. the president campaigned rolling back the tax breaks for the highest earnings and republicans argued spending cuts are the way to get the deficit under control. are we starting to see a softening of those positions on both sides? >> reporter: here's what there's agreement on. both sides, both parties agree that the wealthiest have to pay more, and the question now and the sticking point at this stage is how do you go about making the wealthiest pay more? do you do it by raising the tax rates? that's what president obama wants to do. wants to raise the tax freights 35% where they are now up to where they were during the c
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